MURIC member calls for end to capital flight, links it to Nigeria’s economic, security challenges
By KEMI KASUMU
Misbaudeen Adekojo’s position corroborated an earlier cry of Blaise Udunze in an economic article published in Business Post where he said: “Nigeria’s economy is bleeding, not from the absence of money, but from the silent, systemic outflow of capital that should be building industries, creating jobs, and stimulating innovation.
A member of the Oyo State chapter of the Muslim Rights Concern (MURIC), Misbaudeen Adekojo, has called for the elimination of capital flight from Nigeria, describing it as a major underlying factor behind several of the country’s economic and social challenges.
Adekojo made the call while reacting to a publication by The DEFENDER titled, “FOR THE PEACE OF NIGERIA: Sultan leads NSCIA special prayer for nation’s peace, security,” which reported the special national prayer led by the Sultan of Sokoto and President-General of the Nigeria Supreme Council for Islamic Affairs (NSCIA), Alhaji Muhammad Sa’ad Abubakar, for peace and security in Nigeria.
In his reaction, Adekojo said he believed addressing capital flight was central to tackling some of the problems confronting the country.
He wrote: “Solution of Nigeria Problem is only one: Elimination of capital flight: Mother of All Menaces: Galloping Devaluation of Naira, Insecurity, Kidnapping, Yahoo, Armed Robbery, Interrupted Power Supply, Darkness, Rituals, Injustice, Deceit, Suicide.”
Adekojo concluded his message with a prayer.
His comments came amid renewed calls by religious and traditional leaders for prayers and concerted efforts toward restoring peace, security and stability across Nigeria.
Misbaudeen Adekojo’s position corroborated an earlier cry of Blaise Udunze in an economic article published in Business Post where he said:
“Nigeria’s economy is bleeding, not from the absence of money, but from the silent, systemic outflow of capital that should be building industries, creating jobs, and stimulating innovation.
“Instead, wealth is fleeing into the vaults of local banks, offshore accounts, and speculative government instruments that promise easy returns but deliver little to the real economy.
“This quiet drain known as capital flight has become one of Nigeria’s most understated yet devastating economic tragedies. It reflects not only a lack of investor confidence but also the failure of the banking and financial ecosystem to function as a true engine of growth.
“The role of banks in any healthy economy is to mobilize deposits, lend to productive sectors, and finance businesses that create value. Yet, in Nigeria, this cycle has broken down.”
